POSTED BY January 4, 2014 8:57 am COMMENTS (3)ON
I bought a property in bangalore through resale. Means 1st buyer booked the flat some time back with the builder and then when the property was ready for possession he sold it without registering it.
1st buyer bought it for 30 lakhs and sold it to me for 45 lakhs(full cheque transaction) and transferred the ownership to my name with builder. So builder registered the flat on my name. But registered value was 30 lakhs as builder sold it to 1st buyer for tht cost. Since i couldn’t force the builder to register the property at 45 lakhs, i agreed and did the registration at 30 lakhs.
Now when i am selling the flat, since i have a proof that i paid 45 lakhs for the flat, will the income tax office consider the purchase cost as 45 lakhs instead of referring to the value in sale deed.
Please let me know your thoughts.